Causes of asian crisis exchange rate








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With a strong political desire for rapid economic growth, governments often gave implicit guarantees to private sector projects. On 2 July , due to speculative attacks, Thailand was forced to float their currency the Thai Bhat. The booming economy and booming property markets encouraged expansive borrowing by firms. Investors realised the previous optimism was starting to look misplaced. However, their intervention has proved very controversial, with many arguing that their intervention made things worse. Hot money flows were accumulated because of higher interest rates in the East. Financial deregulation encouraged more loans and helped to create asset bubbles.

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The Economic Crisis In East Asia

The current account deficits were financed by hot money flows on capital account. Hit by the loss of confidence and rise in debt repayments, firms cut back on investment, leading to lower growth. Due to the financial instability, the IMF was requested to intervene. As hot money flows into the East slowed down, Asian currencies started to fall and governments struggled to keep exchange rates at their fixed level against the US Dollar. Financial deregulation encouraged more loans and helped to create asset bubbles. Countries like Thailand, Indonesia, South Korea had large current account deficits. this meant they were importing more goods and services than they were exporting — it was a reflection of very high rates of economic growth and consumption.

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What was the asian financial crisis

This made currencies vulnerable to speculation. Asia which caused hot money flows. Soon, other countries were forced to devalue as investors wanted to get out of Asian currencies. As hot money flows into the East slowed down, Asian currencies started to fall and governments struggled to keep exchange rates at their fixed level against the US Dollar.

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Description: In the late s, the US started to increase interest rates to reduce US inflationary pressures. The large devaluations also hit consumer spending as the price of imports and imported raw materials rose. Countries like Thailand, Indonesia, South Korea had large current account deficits. this meant they were importing more goods and services than they were exporting — it was a reflection of very high rates of economic growth and consumption. As hot money flows into the East slowed down, Asian currencies started to fall and governments struggled to keep exchange rates at their fixed level against the US Dollar. Investors realised the previous optimism was starting to look misplaced. Economists such as Joseph Stiglitz and Sachs emphasised the importance of market sentiment in increasing the magnitude of the problem. Related Russian Economic crisis of Financial crisis and bond market. This contractionary fiscal policy caused the economic downturn to exacerbate and the economy plunged into recession.
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